İŞLETME KARAR MODELLERİ

The steps of the decision making process are: Define decision problem, Establish objectives, List all possible decision alternatives, Identify the pay-off matrix for each combination of alternatives and events, Select the most appropriate decision making method and apply this method, Determine the best alternative and make your decision. The correct answer is "C".

Problem statement gives direction and meaning to all other steps of decision making. If the problem is incorrectly determined in this step, the decision will be wrong.

Once the decision problem has been identified, in the second step the objective of the problem must be clearly stated.The correct answer is "A".

When the decision maker knows everything about the problem and outcomes of the events, the decision making environment is called “decision making under certainty”. In this case, because the decision maker knows everything about the problem, it is easier to make the best decision. The correct answer is "D".

The process of choosing the most appropriate one of the alternatives is called “decision making”. The correct answer is C.

A high quality decision should bring more profitability and lower costs, shorten (not lengthen) delivery times, increase shareholder value, attract more new customers and provide positive responses from customers. The correct answer is D.

Some decisions are easy to make while some are more difficult. There might be many reasons. Some of these reasons are: information, uncertainty, scarce source, psychological factors, number of alternatives and cost of making errors. The correct answer is D.

In case of uncertainty, two different ways are followed to make a good decisions. One of them is the simulation which different combinations of possible demands and startup costs will be tried on the computer. Thus, this simulation can give us a better idea of the possible values of the profit obtained. The other method is to use mathematical and statistical methods to calculate the expected value of the profit without simulation. The correct answer is A.

There are some common characteristics of decision making. These are “decision maker”, “objective”, “alternatives (strategies/actions)”, “events (states of nature)”, “outcomes (pay-off)” and “payoff table / pay off matrices”. The correct answer is E.

Decisions are given to accomplish a specific purpose. Decision making problems have two objectives: maximization and minimization (selecting the alternative that makes the maximum profit or the number of customers and selecting the alternatives that makes the minimum cost or transportation time). The correct answer is C.

The outcomes of all alternatives and events are indicated by a matrix called “pay-off matrix”. When m indicate alternatives and n indicate events, m x n size matrix is obtained. S1, S2, S3, ... , Sm denote the alternatives, and N1, N2, N3, ... , Nn denote the events in the pay-off matrix. Combinations of each strategy and event are indicated by Oij notation. The correct answer is C.

The steps of the decision making process are as follows:

The correct answer is A.

The first step in the decision-making process is to define the problem. This step includes a good understanding of management assumptions, organizational boundaries and the desired conditions for the problem. In order to identify the problem, all information about it should be collected, factors and causes associated with the problem should be determined. The correct answer is B.

There are three different decision-making environments according to the level of knowledge or information of the decision-maker regarding events or states of nature: 

The correct answer is E.